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Global fish protein market set to reach $4.20 billion by 2026

Global fish protein market set to reach $4.20 billion by 2026

fdturkey by fdturkey
20/11/2023
in News In General, Sector News
Reading Time: 2 mins read
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The global fish proteins industry, valued at $3.19 billion in 2019, is projected to reach $4.20 billion by 2026, marking a steady CAGR of 4.0%. Fish protein, derived from various species such as Tuna, Salmon, and Cod, comes in three main types – Fish Protein Concentrate (FPC), Fish Protein Hydrolysate (FPH), and Fish Protein Isolate (FPI). Primarily used in animal feed, pharmaceuticals, and cosmetics, the market is witnessing significant growth, with diverse applications and increasing consumer awareness.

Dominance of Animal Feed:

In 2019, the animal feed segment contributed nearly three-fourths of the global fish protein market revenue, showcasing its dominance. The health benefits of fish protein in animal feed are the driving force behind this trend. Meanwhile, the pharmaceutical segment is expected to exhibit the fastest CAGR of 5.3% until 2026, fueled by the rising demand for fish protein in various medical applications.

Leading Players:

Key players in the fish protein market include Aroma NZ, Bevenovo Co, Apelsa Guadalajara, Mukka Seafood Industries, BioOregon Protein Limited, Qingdao Future Group, Nutrifish, New Alliance Dye Chem Pvt. Ltd, Scanbio Marine Group, and Taian Health Chemical Co., Ltd. These players contribute significantly to the market’s growth and competitive landscape.

Regional Insights:

While the U.S. currently holds the maximum share in the global market, China is expected to experience the highest CAGR during the forecast period, driven by the development of the livestock industry. Europe led the market in 2019, with North America following closely. However, Asia-Pacific is anticipated to witness the fastest CAGR of 5.6%, owing to increased awareness of fish meal as poultry feed.

Type-wise Market Dynamics:

Fish Protein Concentrate (FPC) accounted for over half of the global fish protein market share in 2019 and is projected to maintain its dominance. On the other hand, Fish Protein Hydrolysate (FPH) is expected to grow at the fastest CAGR of 4.9% by 2026, attributed to the surge in demand for fish protein in the cosmetic industry.

Key Findings:

Fish Protein Hydrolysate (FPH) segment anticipates the fastest growth at a CAGR of 4.90%.

Animal feed segment held the highest market share in 2018, accounting for over half of the global market share.

China leads the Asia-Pacific market and is expected to grow significantly.

North America dominated in 2018, contributing over one-third of the global fish protein market share.

The global fish protein market is on a growth trajectory, driven by the increasing awareness of the health benefits of fish protein and its diverse applications. With animal feed leading the market and pharmaceuticals showing rapid growth, the industry is set for further expansion, presenting opportunities for key players and stakeholders alike.

Tags: #animalfeed#cagr#consumerawareness#fishprotein#food#foodandbeverage#foodbusiness#globalindustry#industrytrends#keyplayers#livestockindustry#marketgrowth#pharmaceuticals
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